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Course ID Date Option #2 Does Real Estate Development Supports Capitalism or Socialism: Applying Locke’s Ideas of Property Management Locke has presented arguments that support the notion of property rights based on one’s ability of adding value to the property through personal labor and efforts…
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Download file to see previous pages... Locke has insisted greatly on human beings having equaled rights towards land available based on type and amount of labor that they can invest in such property. Provided this notion, retail developers of today’s economy have better probability of having property rights to land development in South Florida (Section 28). However, before reaching to the conclusion, it is important to analyze the repercussions of excessive land development in this region. Also, it is significant to identify if Locke is a supporter of capitalism or not. Furthermore, whether private ownership principles defined by Locke give rise to morally just or contentious behavior in private owners over private ownership of land is another question that needs to be answered in the light of Locke’s principles. Real estate industry in South Florida has shown robust development in the times of economic booms in late 1920s and in 2000s. Thousands of acres were acquired by real estate developers to build condos, apartments and artificial office parks etc which were greatly overpriced due to high demand. Due to such transformation in real estate market, other peripheral industries i.e. rented property, railway services etc, suffered. The same land had different utilities for different segments of consumers i.e. necessity for a working force and leisure for occasional hotel visitors. After the economic collapse in 2008, there were thousands of acres available with no buyer for over-priced property (Lunsford n.p). Furthermore, similar development also caused damage to local fauna and flora by causing harm to local wetlands, water reservoirs and natural life diversity (McPherson and Halley 41). This outlook of South Florida’s local industry in the light of Locke’s principles cannot justify if the development always provide rational results. It can be seen that excessive demand of property has increased the price of real estate property whereas its utility cannot be justified accordingly. Since land is given to the mankind freely having equal rights of property, money in any form cannot equate with the value of such property since money i.e. currency, gold and silver have relatively less utility than the land. Therefore, users of money in free economy do not really add much value to the land gifted by nature. Furthermore, after the economic boom in 2000s, much of the land is owned by builders and realtors whereas this land is sitting idle due to low buying power of consumer and not providing any benefit to the common man. Such state also contradicts with Locke’s rule of no wastage. Locke proposes ‘no spoil or destroy’ policy which supports the idea of better property appropriation. Hence, those who can make better use of the property should have access to it which gives full property rights to today’s realtors. However, Locke also insisted that one must not take part in an activity that causes harm to other’s interest. Excessive land development deprives local residents of their right to own land due to superficially high prices and damage to local environment hence, also affecting natural ecological environment. Furthermore, Locke’s condition of equal opportunity to appropriate land also negates excessive land development. Since present real estate development encourages development of expensive property which gives preference to more affluent segment, it serves rich more than a middle class or lower segment. Locke ...Download file to see next pagesRead More
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